H.R. 4429

119th CONGRESS 1st Session

To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · July 16, 2025 · Sponsor: Mrs. Wagner · Committee: Committee on Financial Services

Table of contents

• H.R. 4429
  • SEC. 1. Short title
  • SEC. 2. Definitions

SEC. 1. Short title

• This Act may be cited as the Developing and Empowering our Aspiring Leaders Act of 2025.

SEC. 2. Definitions

• Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall—
  • revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations—
  • revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that the qualifying investments of the private fund are either—